Russia made history last week. With the inauguration of President Vladimir Putin, that country marked its first truly democratic transition of leaders in over a millennium. It was a remarkable moment for the nation, as well as for the once-obscure former KGB functionary who took the oath of office as president. Mr. Putin inherits a nation in search of itself, an economy on the ropes and the world's second-largest nuclear arsenal. It is a dangerous combination.

Mr. Putin's first words were soothing. In his acceptance speech, he stressed that he sought stability and pledged to unite his nation and its people. There would be no quick miracles, but he assured the world that his government would be professional and efficient.

To buttress that declaration, he appointed Mr. Mikhail Kasyanov, a well-respected former finance minister, economist and debt negotiator, as prime minister. Mr. Putin's solid grip on the Duma, the Russian Parliament, means that confirmation of Mr. Kasyanov is a certainty.